REDUCING RISK: READY FOR THE DRILL BIT 3D Seismic Acquisition 2011 Investor Presentation (AIM: BPC) Email: infobpcplc.com February 2012 Website: www.bpcplc.com
Investment Highlights, Licences interests providing multiple play-types with significant scale potential, commercial terms to provide upside returns, management team with strong track record of value creation Extension of proven Cuba…
Cuba Drilling Plans Activity Hotting up Anticipated BPC well location Announced August spud Currently drilling Anticipated well locations 4
Diverse Petroleum Systems and Play-types 1. Jurassic Paleo Highs, Clastics & Subsalt 2. Upper Cretaceous 3. Lower Cretaceous & 4. Middle Late Jurassic Rift 5. Foreland Folds & Platforms, Buildups & Jurassic Evaporitic & Sag…
Risk Mitigation Structures, Scale and Potential Targets Nassau Cuban Border 2011 2D Seismic with CPR Estimates 270 km Section is horizontally compressed approximately 2:1 5 km 5 km Fold A Fold B Fold C 3,000 13 146 11% 135…
CGG BroadSeisTM Acquisition 7
CGG BroadSeisTM: Preliminary 3D Interpretation Cuban Border Nassau Data are of high quality. 3D interpretation being completed in depth rather than time Cretaceous reef/platform imaging is significantly improved. This allows for…
CGG BroadSeisTM: 2D/3D Comparison Cuban Border Nassau 2D 3D Section is horizontally compressed approximately 2:1 3D confirms the presence of the large structures mapped on 2D The structures are not as complex as those…
CGG BroadSeisTM: Fold B/C (2011 3D) Near Top Cretaceous Level Cuban Border Nassau Section is horizontally compressed approximately 2:1 Near top Cretaceous Intra lower Cretaceous Aptian Intra lower Cretaceous Base Aptian Top lower…
CGG BroadSeisTM: Fold B/C (2011 3D) Aptian Level Cuban Border Nassau Section is horizontally compressed approximately 2:1 Near top Cretaceous Intra lower Cretaceous Aptian Intra lower Cretaceous Base Aptian Top lower Cretaceous…
CGG BroadSeisTM: Fold B (2011 3D) Lateral Continuity NW Demonstrating Strike Closure SE Section is horizontally compressed approximately 2:1 Near top Cretaceous Intra lower Cretaceous Aptian Intra lower Cretaceous Base Aptian…
Risk Mitigation Environment; EIA, Spill Simulation BPC EIA for Southern blocks submitted to Government October 2011 Consultation period complete. Government decision on public consultation pending Joint Statoil/BPC EFS submitted to…
News flow 2012: Progress Internal and External Bahamas election: timing and result; New mandate Bahamianise: new Board members identified, Bahamian listing (BDR) process underway EIA submitted: public consultation, endorsement,…
Risk Mitigation: Farmout Progress 3D Database: fast track processing, interpretation and attributes Seismic facies analysis, Petroleum system development Prospect definition and prioritisation Farmdown: Verification, funding…
Capital Structure Enterprise Value GBP USD Current Substantial* Shareholders as at 31 st December 2011 Price* 0.1375 0.2176 Shareholder 52 Week High 0.2450 0.3877 TD Waterhouse 52 Week Low 0.0539 0.0853 Fidelity Barclays Wealth Market…
Funding - Sources and Uses Sources Uses (Estimated - beginning 2011 to end 2012) Current sources USm Operating expenditures USm Cash as at 1/1/11 6.1 2D seismic 3.4 Cash raised 1 70.1 3D seismic 33.3 TOTAL SOURCES 2 76.2 Multibeam…
Key Conclusions New 2D established the playfairway, basin architecture and scale. Indicates historic wells were not valid tests 2D validated to date by 3D fast track interpretation. Seismic facies/lithology and analogue studies…
Additional Slides 19
Strategy - Regional Context Region has discovered nearly 100 Billion bbl oil and 500 tcf gas Pervasive, prolific Jurassic source rock Nearly 4mm acres under license equivalent to 672 OCS lease blocks Individual mapped closures…
Strategy Goals and Targets STRATEGY Maximise value growth from oil/gas potential in Bahamian licences Technical: Maximise resource/reserves declaration, exploit carbonate expertise regionally Costs: Leverage equity position to minimise…
Leadership Team Adrian Collins Dursley Eddie Steve (Chairman) Stott Shallcross Weyel Material international business experience Non-Executive Significant directorships, financial and oil & gas executive Board experience Financial,…
Asset Base, Activities and Status Exploration licence: 12 years in total; four 3-year periods 1st Renewal (years 4 6) 100% of acreage well commitment (spud before end of year 4 - April 2013) Company advised Ministry of the Environment…
Risk Mitigation Source and Migration No or poor seismic data No valid traps Wells on bank Limited seal facies shallow No Jurassic source penetration Seafloor vent active hydrocarbon seepage creates vent on seafloor 24
Risk Mitigation Third Party Verification: CPR July 2011 HIGHLIGHTS: Assessment of Cretaceous play system, post Aptian, only. Over 1 billion bbls of risked recoverable resources. Average risk 1:4 (25%) Two independent reservoir…
Commercial Context and Fiscal Terms Commercial Politically stable; uninterrupted parliamentary democracy of over 275 years English heritage/based legal system and structure Significant structural cost benefits from proximity to…
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